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September 2012

September 27, 2012

September is REALTOR® Safety month and we continue the ongoing series with a video presentation containing strategies you can use to ensure Social Media and Cyber Safety.

Every day real estate professionals, appraisers and mortgage lenders are sharing information and data. With more sharing comes more risk.

Watch the following video presentation from NAR on how to protect yourself and your information when you are online. If you are having trouble viewing the video below, click here to open it in a new window.

September 25, 2012

REALTOR® safety month continues with Safety outside of the office. This week members and students are able to view NAR safety videos designed to promote the agents and customers safety at the office, on the road or at home.

September 21, 2012

Note: The Federal Reserve recently extended the foreclousre review process through the end of the year. We are rewinding the story below from when the program was first launched.

The Federal Reserve Board on Wednesday announced the availability of a new video that explains how borrowers who believe they were financially harmed during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure file review.

The deadline to request a foreclosure review is July 31, 2012. For more information, borrowers may call 888-952-9105 or visit www.IndependentForeclosureReview.com. The video below can be shared with consumers or clients who may be eligible for assistance through the review process.

September 19, 2012

Dear VanEd: Another agent in my office recently suggested I purchase "tail coverage" to cover a period of time when my license was inactive. What the heck is tail coverage? And should I get it?

From VanEd: Good question! This is simply a type of E&O coverage that will bridge the gap between activities that occur when you are licensed and a period of time after your license expires, is placed inactive or you retire. This type of coverage is only applicable to acts that occur during your license period.

Below is a copy of an announcement about "Extended Reporting Period" (ERP or "tail" coverage) from one of the Errors and Omissions providers in the country.

PROTECTION AFTER YOUR POLICY EXPIRES

If an insured licensee retires, places his/her license on inactive status, or allows his/her license to expire, the ... policy insures the licensee for claims made and reported within 90 days of the expiration date of the policy, provided the error or omission upon which the claim is based took place after the retroactive date and before the expiration date. Claims made more than 90 days after the expiration date will not be eligible for coverage consideration under the ... policy, unless an optional Extended Reporting Period (ERP) Endorsement is purchased.

OPTIONAL ERP Endorsement:Optional ERP Endorsements are available to licensees who are currently insured ... under a policy and who are not renewing their coverage for any reason, including because they are retiring, inactivating their license, or obtaining insurance through another carrier.

An ERP endorsement may be purchased within the first 90 days after the licensee’s policy expires and allows the insured to report claims made after the expiration date and during the ERP. The optional ERP Endorsement is important because many professional liability claims are not made until years after the underlying transaction occurred. If a claim is made after the ... policy expires and there is no applicable ERP, then the claim will not be covered under the ... policy. Licensees with coverage expiring ... may obtain an optional ERP endorsement for one year (plus any applicable endorsement premium), two years (plus any applicable endorsement premium) or three years (plus any applicable endorsement premium).

NOTE: The fees listed have been removed from the announcement as they will likely vary from provider to provider. Also, not all providers will offer this type of coverage so it is important to contact your E&O provider directly to determine your eligibility and the costs associated. And don't forget to ask for specifics regarding what the tail coverage will cover in case it is not an all-inclusive type of coverage. And licensees should be aware that, as stated in the announcement, this is usually not a new policy but rather an endorsement to your current policy. That means if your current carrier doesn't offer this type of endorsement you may need to look into changing carriers if you desire to put this in place.

Have questions or comments? Let us know! Send us an email at info@vaned.com

The most successful people in Real Estate use VanEd. See what they say by clicking here.

September 18, 2012

REALTOR® safety month continues with Safety at the office. Members and students are able to view NAR safety videos designed to promote the agents and customers safety at the office, on the road or at home.

Today's NAR REALTOR® safety video discusses safety issues at the office. View the NAR safety video "Safety at the Office" to learn tips on REALTOR® safety when you have to work alone or are meeting someone after hours. You can also read Safety Expert Andrew Wooten's Post "Safety at the Office" for more information by clicking here.

September 17, 2012

Picking up from my last installment of the Confident Rookie Series about how important it for rookies to Master Their Systems before they need them; today I'll add just a little bit more to that project.

Practice with Your Printer. This may sound silly, but when you're writing an offer for a buyer, it's nerve-wracking if you can't get the printer to work. Seriously.

I wrote my very first offer back in 1996 at 6:00 pm on a Friday night in my Coldwell Banker office. I called my broker away from Happy Hour to help me. I'd had training on the contract software and was pretty comfy there, but had never actually printed a contract.

Using my own brand new contract software (registered under my name & all!), I created the contract with my broker's help, and then went to print it out. Oops. Great big DRAFT watermark across every page. Hmmmmmm. Tried again. Same thing. My buyer was sitting in the conference room waiting for me, but neither I nor my broker could figure out what was wrong. And, being Friday night, there wasn't much chance of finding any customer service at the software company.

I was a mess and felt like an idiot. I ended up re-writing the entire contract on pre-printed forms and life went on. Turns out that I needed some activation code to remove the DRAFT watermark.

But there are all sorts of things that can go wrong when printing from new software, aren't there? Especially if you're in a networked real estate office.

So, as you're practicing with your contract software, be sure to also practice printing out the contracts. Please don't hesitate to waste paper. If your software requires legal paper, be sure you know where it is and how to load it. If you have the option of either legal or letter, be sure you know how to select the one you want. Know how to "insert" or "remove" n/a's and such.

And... always have a back-up plan. Here's mine:

Plan A: Business as usual - use the regular office printer

Plan B: If that fails, try the other printer at the office (we have two)

Plan C: If both of those fail, email the contract to the receptionist to print out

Plan D: If I'm really crashing & burning, know where the pre-printed contracts are and write it up manually.

Again, I know this sounds trivial and even silly, but just wait until YOUR buyer is sitting in the conference room waiting to sign his offer and you can't produce anything for him to sign!

Guest Author Jennifer Allan-Hagedorn has authored five books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm. The latest release of her book is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.comor attend one of her free teleseminars on a variety of topics of interest to the real estate community.

September 14, 2012

This month members and students are able to view NAR safety videos designed to promote the agents and customers safety at the office, on the road or at home. Safety at Home is of special concern because it has an affect not just for real estate professionals and REALTORS®, but also for clients and customers.

Today's NAR REALTOR® safety video discusses safety issues related to the home. View the NAR safety video "Safety at Home" to learn tips or REALTORS® and consumers that will help all of us stay safe when we are at home.

September 13, 2012

The Federal Open Market Committee (FOMC) announced today that they had approved an additional $40 billion per month in mortgage-backed securities as well as "undertake additional asset purchases, and employ its other policy tools as appropriate" in order to support maximum employment and price stability in the economy. The press release also announced that the federal funds rate will remain at 0 - 1/4 percent and that the low rate levels are likely to remain in place through 2015.

The Fed press release notes that while growth in employment has been show, household spending has continued to advance. Two key points in the release also point out that housing has shown signs of improvement and that inflation has been subdued.

The combined series of actions by the Federal Reserve will increase the FOMC's holdings of long-term securities by $85 billion each month through 2012 which should put downward pressure on long-term interest rates while also supporting mortgage markets. The current series of actions is designed to demonstrate an "accomodative" stance by the FOMC.

Click here to read the entire FOMC press release from the Federal Reserve.

Have questions or comments? Let us know! Send us an email at info@vaned.comAnd don't forget to follow the VanEd NewsLog, fan, like and link with us online!

The most successful people in Real Estate use VanEd. See what they say by clicking here.

September 12, 2012

VanEd staff will be at or following a number of upcoming industry events, some of which are highlighted below. We encourage attendance and participation and hope that students will share their experiences with us.It all starts this week with...

The Wyoming Association of REALTORS®

From September 11th through September 13th join Wyoming members in Casper, WY. Ed Hatch and Jared James will be speaking to this years conference and members will be taking part in the annual business meetings. This week also finds...

The REALTOR® Convention of the Dakota's

The Rush is on! Wednesday the 12th through Friday, September 14th in Dickinson, ND. Join instructors Jackie Leavenworth and Darryl Davis as they present to members from two associations. More info online by clicking here.

The Association of Real Estate and License Law Officials

ARELLO will be holding their annual conference September 19th - 23rd in Halifax, Nova Scotia. As always, the real estate regulators from around the globe will gather to share information, concerns and best practices in the industry. More info online at http://ARELLO.org.

Washington REALTOR Association Fall Business Conference

The Fall business conference will be held in Yakima, WA September 2th - 28th. Info and registration details can be found online by clicking here.

Colorado Association of REALTORS®

The CAR annual conference and expo will be October 14th - 16th in Denver. This years conference will be a keynote from Nicole Nicolay and a town hall with Dr. Lawrence Yun, NAR's chief economist. And do not forget to stop by and visit the VanEd booth on the expo floor. Team members will be onsite answering questions about not only licensing requirements, but also regarding the recently updated courses for both CE & Pre-Licensing.

More information and registration details can be found online by clicking here.

The 2012 NAIFA Conference

Register online at http://www.naifa.com today and join your colleagues at the NAIFA2012 National Conference, October 17-20 at the Crowne Plaza Meadowlands inSecaucus, NJ.

Valuation Expo set to run Nov. 8th - 10th in San Antonio

Join VanEd and appraisers from around the country at this years Valuation Expo Scheduled for November 8th - 10th in San Antonio, TX. Of special interest is this years new Lenders LIVE! area - where appraisers can meet with participating lenders who are interested in expanding their fee panels.

Note: CE is available in many states through VanEd. To find your state approval status visit the Val Expo website.

With so much going on in the real estate, mortgage and appraisal industries it is more important than ever to stay up to date on rules and technology. Have an event scheduled that we missed here? Let us know! We will be happy to look at it!

Have questions or comments? Let us know! Send us an email at info@vaned.comAnd don't forget to follow the VanEd NewsLog, fan, like and link with us online!

The most successful people in Real Estate use VanEd. See what they say by clicking here.

September 10, 2012

How comfy are you with your systems? Specifically, your MLS and your contract software? For me, if I'm not proficient with my tools of my trade, it's easy for me to shy away from using them. Well, in OUR trade, shying away from using the MLS or your contract software is pretty much fatal to your chances of bringing in a paycheck. KWIM?

After two years away from the trenches, I re-activated my real estate license. The RE/MAX office I joined had a new fancy-schmantzy contract software program I'd never used before. Well, the heavens smiled on me and I got a buyer off my blog literally the first day back. We went out looking at houses and they found one they liked and wanted to make an offer on it.

YIPES! I had no idea how to even fire up the program, much less navigate through it, so... get this... I put them off with some stupid excuse until two days later so I could get a crash course on the software. But even with the crash course, I was a bit of a basket-case writing up the offer, from a technology perspective.

For a new agent, I imagine this would be doubly or triply unnerving! At least I'd actually gone through a purchase contract with a buyer a couple hundred times, so I wasn't nervous about that... but the actual technology of it just about shut me down.

So, the first step is admitting you have a problem. When you run an MLS search for a buyer, do you trust your results? When you're looking for comparables to price a home for a prospective seller, are you sure you found them all? No? Then practice practice practice. And get some training, either from the local MLS provider/board or from another agent in the office. Do 5 practice CMAs* on 5 office listings. Do a CMA on your own house. Search for homes Just Like Yours and go preview them.

If you use contract software (as opposed to handwriting your contracts), GET SOME TRAINING. These systems are not intuitive and you'll be a basket-case like I was if you're sitting down with a buyer to write an offer and can't figure out how to print it out. Or how to auto-populate the fields from contract to contract. These programs are typically pretty powerful and can do a lot of things for you... LEARN THEM.

Yeah, yeah, I know that Learning your Systems isn't nearly as sexy as learning how to prospect, but unless you're a master fake-it-til-you-make-it-er, those prospects you bring in won't be worth much to you without a decent knowledge of your systems.

Next time: Secret Two - Practice with Your Printer (more important than you might think!)

Guest Author Jennifer Allan-Hagedorn has authored five books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm. The latest release of her book is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.comor attend one of her free teleseminars on a variety of topics of interest to the real estate community.